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IN THE NEWS New York Life in the news.
Check out this curated selection of stories featuring New York Life and our people.
NASDAQ - 04/18/2024
Actionable Outcomes for Advisors and Clients
"...Jennifer McCauley-Weiss, MBA, RICP, CLU, Vice President and Head of Annuity Services and Marketing at New York Life Insurance Company... ‘Moving into retirement can be one of the trickiest moments where even the most prepared person might not feel prepared for a couple of reasons. You face risks in retirement that simply weren’t present in your accumulation years'…"
Yahoo! Finance - 04/11/2024
For women who stay single, the pressure is higher to save more for retirement
"...Only a quarter of single women have a retirement account vs. half of married women, according to New York Life Wealth Watch data. And two-thirds are not confident that their retirement savings will last the rest of their life. At the same time, 6 in 10 feel very knowledgeable or somewhat knowledgeable about saving for retirement..."
Hartford Business Journal - 04/11/2024
New York Life acquires minority stake in West Hartford's Fairview Capital
"...West Hartford-based Fairview Capital Partners Inc., one of the largest minority-owned private equity investment management firms in the United States, said late Thursday that New York Life has acquired a minority ownership stake in it..."
Life Annuity Specialist - 04/10/2024
See Which Insurers Had Higher - or Lower - New Individual Life Sales in 2023
"...The biggest winner in terms of raw growth was New York Life, which saw new sales increase by 22% in 2023 - growth that amounts to around $675 million in additional sales. Prudential Financial also had a good year, growing its new sales by 12%. The majority of insurers, however, only saw their sales improve by amounts smaller than $100 million..."
Journal-News.net - 04/10/2024
Spring Mills Primary participates in New York Life's Grief-Sensitive Schools Initiative
"...Spring Mills Primary has been designated a 'Grief-Sensitive School' by the New York Life Foundation, receiving a $500 grant to help create a bereavement support plan and encourage ongoing staff development as part of the national Grief-Sensitive Schools Initiative..."
Wall Street Journal - 04/03/2024
Deepfakes Are Coming for the Financial Sector
"...'There were always fraudulent calls coming in. But the ability for these [AI] models now to imitate the actual voice patterns of an individual giving instructions to somebody with the phone to do something-these sorts of risks are brand new,' said Bill Cassidy, chief information officer at New York Life..."
CNBC - 04/02/2024
How much money Americans in their 20s saved in 2023-and how to save more
"...But saving in your 20s isn't impossible. In fact, people in their 20s were able to save an average of nearly $5,580 last year, according to data from New York Life, putting them third on the list of age groups that saved the most in 2023..."
Investment News - 03/26/2024
What separates men, women when it comes to household finances
"...'Financial wellness is a journey, not a destination,' Jessica Ruggles, corporate vice president of financial wellness at New York Life, said in a statement. 'This is especially true for women's financial journeys, as we see women making progress in their savings and spending, while facing major societal challenges and unique life events that impact their financial strategies'..."
CBS News - 03/26/2024
How much does long-term care insurance cost for a 75 year-old?
"...Compare your long-term care insurance options today. 'The amount and type of coverage you need will depend on a variety of factors, including where you prefer to receive care, the role family may play in providing care, and whether you live or are planning to move to a location that offers a state-level LTC program,' explains Jeff Beligotti, vice president and head of long-term care solutions at New York Life..."
Ignites - 03/25/2024
NYLife Appoints Stable Value Sales Lead
"...As SVIO head, Macdonald leads NYLife teams assigned to stable value sales for retirement and 529 plans through consultants, financial advisors, recordkeepers and program managers..."
Barron's - 03/24/2024
These Retirees Have a Good Problem. They Aren't Spending Enough.
"...'Most people didn't know,' says Todd Taylor, head of New York Life's retail annuities business and co-author of the report. They weren't spending down anything close to 4%, he adds. Taylor was referring to the 4% withdrawal rule, which states that a retiree can safely withdraw that amount annually, adjusted for inflation, from a portfolio of stocks and bonds for 30 years..."
NBC: Today - 03/22/2024
New York Life Partners with U.S. Women's Soccer
"...Briana Scurry, former U.S. women's national soccer team goalie and 1999 World Cup champion... 'What's so intriguing and fascinating to me about this game is, if it weren't for New York Life being the presentation sponsor of this game, we wouldn't be able to do that. What's wonderful now about women's soccer is there is so much more investment in the game and this is what's really helping us. So, this partnership they have, they're not only doing this amazing legacy game, they will help with the She Believes Cup and the She Believes Summit and help underserved communities teach players how to play and all these different things. So, the multifaceted partnership that U.S. Soccer and New York Life have is revolutionary'..."
ThinkAdvisor - 03/19/2024
New York Life Names Matt Wion to Lead Retail Annuities
"...Wion has been the chief financial officer for a unit that handles many different types of products, including institutional life insurance and institutional annuities. He will succeed Todd Taylor, who previously held that post and is now head of New York Life's life insurance solutions business..."
A.M. Best - 03/19/2024
New York Life Marks Financial Highs in 2023, $1.2 Trillion in Life In-Force: Report
"...Craig DeSanto, president and chief executive officer of New York Life, said the results are a 'testament' to the benefits of mutuality, as well as the company's business model. 'Our exceptional performance positions us well for continued business growth as we leverage our competitive strengths - including our iconic brand, leading market position, and extraordinary capital strength - to deliver peace of mind and better financial futures to our clients,' DeSanto said in a statement announcing the results..."
Spectrum News NY1 - 03/13/2024
New York Life Foundation Partners with Troop 6,000 and Women's Initiative
"...Some local Girl Scouts were hosting their cookie sale. Members of Troop 6000 set up their booth at the New York Life building. The troop is made up of kids who live in family shelters around the city. Yesterday's cookie sale highlighted a partnership with the New York Life Foundation and the Women's Initiative and this marks 112 years of the Girl Scouts of Greater New York..."
Fox Business - 03/12/2024
High debt is causing more consumers to live paycheck-to-paycheck
"...Many Americans with credit card debt carry high balances. The average debt owed is about $7,931, compared to about $6,320 in 2022, according to a New York Life report. And consumers are finding it difficult to make higher credit card payments. About a quarter of respondents to the New York Life report paid less toward their credit cards in 2023. 'Our data clearly show that having a financial strategy is a key factor in not only feeling confident about reaching one's goals, but in actually reaching them,' said Donn Froshiesar, New York Life head of consumer insights..."
Insurance Innovation Reporter - 03/12/2024
Empathy Announces $47M Series B Funding Round Led by Index Ventures
"...'Our relationship with Empathy dates back to 2021 and as their first carrier partner, we were early in seeing the significant potential for how their solution can positively impact the life insurance industry and provide further support to grieving families,' comments Joel Albarella, SVP, Head of New York Life Ventures..."
Life Annuity Specialist - 03/10/2024
NY Life Trades Places with Northwestern Mutual for Top Life Honors in 2023
"...New York Life edged ahead of Northwestern Mutual last year as the largest writer of direct life insurance premiums, ending Northwestern's two-year reign at the top, new data shows..."
Market Realist - 03/08/2024
Working Adults Demand Reduction in Out-of-Pocket Medical Costs
"...Meghan Shea, Vice President at New York Life Group Benefits Solutions, highlighted the concerning gap in financial preparedness among employed adults amidst rising healthcare costs. 'In working with employers there's been an increased focus on employees' financial wellbeing. Unfortunately, our latest research shows that the needle hasn't been moved when it comes to unexpected healthcare costs.'..."
Breaking News Network (BNN) - 03/06/2024
Survey Reveals U.S. Workers Struggle with Healthcare Costs, NYL GBS Offers Solution
"...Recent findings from a New York Life Group Benefit Solutions (NYL GBS) survey highlight the financial unease U.S. employees feel towards managing healthcare expenses despite having employer-sponsored health insurance. The survey indicates a significant number of individuals are delaying medical care due to cost concerns, with a strong call for additional financial protection solutions..."
BNN Bloomberg - 03/01/2024
New York Life's Lauren Goodwin Discusses Real Estate Investing
"...Lauren Goodwin, New York Life Investments Economist, Chief Market Strategist: 'In the U.S., there's also been a lot of migration within the U.S. to different areas of the country. This creates a lot of disruption and potentially some concerns and risk. But there's also opportunities, data centers, especially data centres inner city where they're more required for the AI boom. This is one area of structured investment, multifamily housing, especially in areas where it's in such high demand..."
PLANSPONSOR - 02/21/2024
New York Life Forges Partnerships with MLB, U.S. Soccer
"...New York Life will be the official financial guidance partner of Major League Baseball and expanded its commitment to U.S. soccer and Little League Baseball and Softball. New York Life entered into separate multiyear partnerships with Major League Baseball, Little League International, and U.S. Soccer, to emphasize the importance of financial advice and guidance, coaching and community..."
Sports Business Journal - 02/21/2024
New York Life inks major deals with MLB, USSF
"...Heralding a seismic change in the magnitude of its sports sponsorships, New York Life has two new high-profile national rights deals, signing on as MLB's 'Official Financial Guidance' sponsor and U.S. Soccer's "Official Life Insurance" sponsor. 'We're shifting from traditional media and advertising to more experiential, so consumers can know our brand better,' said New York Life SVP/CMO Amy Hu…"
Politics NY - 02/14/2024
2024 Power Players in Corporate Social Responsibility
"...Heather Nesle is president of the New York Life Foundation and senior vice president of New York Life's Corporate Responsibility Department, where she manages sustainability strategy and reporting. The New York Life Foundation focuses on supporting educational enhancement in middle school, childhood bereavement, and social justice causes. Since 1979, the Foundation has donated nearly $415 million across the U.S. Nesle also serves on the boards of the Afterschool Alliance, Philanthropy New York, and Monumental Women..."
Insurance News Net - 02/13/2024
The Decumulation Paradox: Why many retirees underspend
"...'The decumulation paradox, fundamentally, is the misalignment between assumed behavior of retirees once they reach retirement and what's observed,' said Todd Taylor, senior vice president and head of annuities for New York Life. Taylor, along with Kelli Faust, corporate vice president and actuary at New York Life, authored ' Understanding underspending in retirement: The Decumulation Paradox reexamined'..."
Investor's Business Daily - 02/09/2024
The Megacap Song Remains The Same For Stocks And ETFs
" ... Julia Hermann, global market strategist with New York Life Investments, also thinks there are still good values in the stock market, especially if investors start looking beyond tech. 'Some investors may have felt they missed the boat, but there are plenty of opportunities ahead,' Hermann said... "
Money.com - 02/08/2024
Employers Have a New Way to Help Student Loan Borrowers Save for Retirement. Will They Use It?
" ... One example is health insurance provider Aetna, which offers up to $10,000 for employees who have graduated within the past three years. The cosmetics brand Estee Lauder provides $100 in monthly debt assistance up to $10,000, and companies like New York Life, Fidelity Investments and Ally offer similar benefits. Employees of the U.S. government may also be eligible for loan repayment assistance via the Federal Student Loan Repayment program ... "
CNBC - 02/07/2024
"...Nearly three quarters of American adults - 74% - are confident they'll be able to retire at 64, per New York Life's recent 'Wealth Watch' survey. The life insurance firm polled around 2,200 people of various ages, genders, races and educational backgrounds..."
MoneyWise (US) - 02/05/2024
"...The average American with credit card debt owed $7,932 on their credit cards in 2023, according to New York Life's latest Wealth Watch survey - a pretty significant increase from $6,321 the previous year..."
WKRC (CBS Cincinnati) - 02/05/2024
Resources to help care for aging parents
"...More millennials are entering the sandwich generation. That's according to New York Life. If you're not familiar with the term, the sandwich generation refers to adults who are caring for both children and aging loved ones. New York Life says many of them report an impact on their mental health, finances, and social life..."
Business Insider - 02/03/2024
"...Lauren Goodwin, the chief market strategist at New York Life Investments, said in a LinkedIn post on Friday that the Fed's likely response to the robust job gains in January will be to leave rates elevated, raising recession risks..."
Motley Fool (US) - 01/29/2024
This Is the Average Age Americans Expect to Retire At, Data Shows. But Is It the Right Age for You?
"...A recent survey from New York Life found that Americans believe they'll be able to retire at age 64 on average. But is that a good retirement age to aim for? Here's why it is -- and it isn't..."
401K Specialist - 01/23/2024
"...'Our data clearly show that having a financial strategy is a key factor in not only feeling confident about reaching one's goals, but in actually reaching them,' said Donn Froshiesar, head of Consumer Insights at New York Life. 'Gen Zers and Millennials were more likely to report reviewing their strategy on a weekly basis and seeking guidance from a financial professional in 2023 than other demographic cohorts.'..."
Bloomberg Markets: The Close - 01/22/2024
Lauren Goodwin of New York Life Investments Discusses Current Economic and Market Trends
"...Lauren Goodwin, Economist and Chief Market Strategist at New York Life Investments: 'I think we are right back in Fed pivot purgatory. We have seen risk assets move higher as a result of the meaningful financial conditions that the Fed has engineered, but we are also looking at almost 12 percent earnings growth expectations for this year. For that to happen, we would have to have growth re-accelerate because earnings growth was 0 percent last year. If growth re-accelerates, I think we have inflation. So, I am a little bit worried about the equity market moving forward'..."
Yahoo! Finance - 01/13/2024
A rolling debt transfer is coming: 'Debt does not miraculously disappear'
"...When it comes to student loan debt, much depends on whether the debt is federal versus private loans. 'Federal student loans are forgiven upon the death of the borrower, but some types of student loans issued by private lenders can be passed onto loved ones upon the death of the borrower, especially if the loan was co-signed,' Jessica Ruggles, corporate vice president of financial wellness at New York Life, told Yahoo Finance..."
Boston Consulting Group - 01/12/2024
From Potential to Profit with GenAI
"...BCG’s survey of 1,400+ C-suite executives reveals that GenAI is quickly changing the way companies do business—but 90% of leaders are still waiting for it to move beyond the hype or pursuing limited experimentation. Everyone is going to be looking for the next thing they can use their people for—to repoint them to higher-value work—with AI as an augmenter of many, many roles,’ Alex Cook, Head of strategic capabilities (technology, data, AI, strategy, ventures), New York Life Insurance Company..."
CBS News - 01/10/2024
How shared long-term care insurance works for couples
"...'Long-term care insurance is a way to take greater control of your future while helping protect your loved ones from the impact of a possible long-term care event,' says Jeff Beligotti, vice president and head of long-term care solutions at New York Life. 'This type of policy gives you choices about the kind of care you can get, including whether you will receive care at home or in a facility.'..."
Bankrate - 01/09/2024
Saving for retirement when you're in your 40s
"...About 70 percent of American retirees will need some kind of long-term care, according to the Department of Health & Human Services. And it can be quite pricey. For three years of assisted living and two years of nursing home care, New York Life estimates a cost of $365,000 and up in a 2023 survey. While you can gamble that you won't need long-term care insurance, it can make a huge dent in your retirement if you do need it..."
Insurance News Net - 01/09/2024
3 trends in aging to watch in 2024
"...There are many potential pitfalls, but the biggest mistake is avoiding the issue altogether. The good news is that people are thinking ahead about aging, and that's especially true for those who have become caregivers themselves. 2023 New York Life data found Sandwich Generation members (those caring for aging parents and children) are setting aside money for their children to take care of them (42%), saving for retirement (38%) and purchasing long-term care financial products or insurance (37%)..."
CNN - 01/07/2024
Here's why some investors are so optimistic about rate cuts
"...'That's a really important change in the way the Fed is signaling its preferences over the course of this year and I think it's one of the pieces of information that's driving the market's larger expectation for rate cuts,' Lauren Goodwin, economist and chief market strategist at New York Life Investments, told CNN in an interview. 'That's a dramatic shift from what they were saying early last year,' she said..."
New York Times - 01/05/2024
Wall Street Sobers Up After December's Rally
"...'One of the big risks of leaning into a Fed relief rally is that after a couple of months, investors usually realize that the Fed is pulling back on interest rate hiking policy because they are seeing growth slow,' which tends to be 'less constructive' for the stock market, said Lauren Goodwin, an economist at New York Life Investments..."
Wall Street Journal - 01/05/2024
"...The average U.S.-stock fund rose 21% for 2023, according to Refinitiv Lipper data, a turnaround from an inflation-racked 2022 when stock funds fell 18.4%. Stock funds rose nearly 12% in the 2023 fourth quarter alone. 'This has been the "Fed pivot" rally investors have been waiting for all of last year,' says Lauren Goodwin, economist and chief market strategist at New York Life Investments, though she cautions that economic downturns 'rarely work in a linear fashion.'..."
LEADERS - 01/04/2024
"...Liz Brill is Senior Vice President & Chief Actuary at New York Life, responsible for oversight of actuarial functions…
How do you describe New York Life’s culture and values?
At New York Life, we have a very strong sense of purpose to be there to provide financial security and peace of mind as we help millions of families and businesses reach their financial goals each year. Our purpose-driven mindset attracts people who want to grow their careers while also doing good for others – which really differentiates New York Life for our customers, agents, and employees..."
Investopedia - 01/03/2024
Invest in Their Future: A Guide to Family Financial Planning
"...Considering that nearly three quarters of parents (73%) report having trouble keeping up with expenses as of April 2023, according to a New York Life Wealth Watch survey, it's more important than ever to dial into where your dollars are going..."
Advisor Magazine - 01/02/2024
Stable Value Investment - Staying the Course
"...Long thought of as a safe harbor, Stable Value is offered in most U.S. retirement plans, and the asset class continues to grow. In today's economic storms, Stable Value provides a 'stable value plus interest' investment option inside qualified retirement plans. The asset class can be difficult to explain, so managers need to educate plan sponsors and participants about how the asset class works and how it compares to other investment options..."
CNBC - 01/02/2024
This Rally Has Legs For At Least A Few More Weeks, Says New York Life Investments' Lauren Goodwin
"...Lauren Goodwin Portfolio Strategist for New York Life Investments: 'I think that the magnificent seven have moved higher over the course of 2023 for reasons that don't have a lot to do the market narratives that are floating around today around rates and the Fed, et cetera. I agree that this is probably just a little bit beginning-of-year consolidation, the market sort of taking stock of what we've seen over the past year, what to expect ahead. This rally probably does still have legs, at least for a few more weeks. I don't see strong compelling reasons why we would see a reversal in the rally.'..."
Media contact
Kevin Maher
New York Life Insurance Company
(212) 576-7937
Kevin_B_Maher@newyorklife.com